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Benchmark Indian equity indices, the BSE Sensex and Nifty 50, opened higher on Tuesday, supported by strong global cues.
Sensex Today
Benchmark Indian equity indices BSE Sensex and Nifty 50 were trading higher on Tuesday.
At 3 PM, the BSE Sensex was 640.20 points, or 0.80 per cent higher, at 80,888.28, while the Nifty 50 was at 24,466.70, higher by 190 points, or 0.79 per cent.
At noon, only six stocks, including ITC (down 1.29 per cent), followed by Bharti Airtel, Sun Pharma, Kotak Mahindra Bank, Asian Paint, and Tech Mahindra, out of the 30 constituent stocks in the BSE Sensex index were trading in the red, while gains were led by Adani Ports (up 6.78 per cent), followed by UltraTech Cement, SBI, Axis Bank, and Larsen & Toubro.
On the Nifty 50, 35 out of the 50 stocks were trading higher. Gains were led by Adani Ports (up 6.80 per cent), followed by Adani Enterprises, Shriram Finance, Cipla, and ONGC , while losses were capped by ITC (down 1.46 per cent), followed by Trent, Bharti Airtel, HDFC Life, and Sun Pharma.
Across sectors, meanwhile, only two indices, FMCG (down 0.67 per cent) and Realty (down 0.25 per cent), were trading in the red, while the rest climbed.
Among the top sectoral gainers, the Media and PSU Bank indices had climbed more than 2 per cent, followed by the Nifty Bank and Oil & Gas indices, which were trading 1 per cent higher, each.
In the broader markets, meanwhile, the Nifty Midcap 100 was ahead by 0.65 per cent, followed by the Nifty Smallcap 100, which was up 0.55 per cent.
Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The underlying resilience of the market is evident in its ability to bounce back. The market is focusing not on the GDP growth slowdown but on the likely policy response to this slowdown. Banking stocks bouncing back yesterday indicate that the market is expecting a CRR cut on Friday, which will boost the profitability of banks. The strength in heavyweights like Reliance and HDFC Bank can impart resilience to the market. The net FII sell figure at only Rs 238 crores yesterday is misleading since it conceals many large bulk deals. News of higher GST proposals on products like tobacco can impact stocks like ITC and tax reductions on insurance premiums can be beneficial to insurance stocks.
Global Cues
Asian markets followed the overnight gains on Wall Street and were also trading higher on Tuesday. Australia’s S&P/ASX 200 increased by 0.66%, Japan’s Nikkei 225 rose by 1.7%, and the Topix climbed 1.29%. South Korea’s Kospi was up 1.53%, while the Kosdaq advanced 1.75%.
On the other hand, Hong Kong’s Hang Seng Index dropped by 0.35%, the CSI 300 fell by 0.43%, and the Shanghai Composite was slightly up by 0.03%.
In global markets, stocks in the US and Europe showed mixed results on Monday, with the dollar strengthening against the euro amid political unrest in France and positive economic signals from the US.
French stocks ended mostly unchanged in volatile trading, as politicians planned a no-confidence motion against Prime Minister Michel Barnier, potentially leading to the collapse of the French government this week. While broader European stocks retreated on the news, they still finished the day with a gain of 0.66%.
